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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Friday, September 17, 2010

Goldman Sachs did not like to hear repeated the swearwords found in their own e-mails during the investigation into their role in contributing to the present recession. They have invoked new rules for their employees in order to keep clean verbally (but no such strictures on obscene amounts of money earned!).

Here is a comedic take on how some bosses have used obscenities in the past. Two are from Goldman Sachs:

2
COMMENTS:

Anonymous
said...

this guy nails the truth......

One situation the SEC is facing today that I think is stomach turning involves the practices of Humungous Bank & Broker (HB&B) to do what they would have us believe is “window-dressing” but what we all know is outright fraud.

http://tinyurl.com/3x6mr8s

The storyline is that SEC Chair Mary Schapiro will be taking steps to prevent what became known as Lehman Bros Repo 105, i.e., the selling of billions in dubious mortgage-backed securities at the end of a quarter and buying them back a day later. All banks have been getting away with this maneuver. It must be stopped.

What infuriates me is that bankers will look you in the eye and tell you they are the model of integrity, but let me state this as simply as I can. If at the end of every reporting period you moved your liabilities to a rich aunt for a day, took off a balance sheet and sent it to your banker, only to reassume those liabilities the next day, and your banker discovered the fraud, your loan would be called, your account would be closed and your credit record damaged for the next decade. Bankers would not tolerate from you what they practice themselves. Their arrogance is astounding.

Schapiro will be discussing this matter in a public session today. The solution is as simple as requiring every bank to submit daily records with a 90-day day Moving Average, and be held to that number, and not some fiction.

As long as banks are permitted to be Self Regulating Organizations, there will be banksters in charge. They will seek out every way to avoid earning their money the hard way.

What "The 25 Most Expensive Homes" Reveal About the U.S. Economy (September 15, 2010)

As millions of now-underwater homeowners discovered, the "wealth" created by highly leveraged, debt-based speculative "innovations" was illusory except for the billions of dollars of commissions and fees generated by the churn and stripmining of assets on a global scale.

Beneath the bogus propaganda of "free market capitalism" is an economy in which the real money is skimmed day in and day out without risk or benefit to the real economy. Investment banks generate profits of $100 million a day without interference of mere probability, which would suggest an occasional losing day.

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